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Australian acquisition proves rich seam for SZLN
By Chen Jialu (China Daily)
Updated: 2009-07-07 07:56 Comments(0) PrintMail
With the Australian mining industry particularly hard-hit by the international financial downturn, one enterprising Chinese business has managed to provide a lifeline for one ailing Perth-based metal mining company, whilst also establishing a bargain basement foothold in this hugely lucrative market.

The deal came as Perilya Limited, a 22-year old base metal mining company, saw its market value slashed from $1billion in 2007 to a low of just $18 million when it announced its intention to seek new funding. Its value eventually rallied to $30 million, but, despite a raft of cutbacks and lay-offs, its future looked far from certain.

Australian acquisition proves rich seam for SZLN

Zhang Shuijian: "seeking additional foreign partners".

Shenzhen Zhongjin Lingnan Nonfemet Co (SZLN), a Shenzen-headquartered State-owned mining business took the opportunity. Realizing the potential of the struggling Australian company, SZLN invested A$ 45 million (200 million yuan) into Perilya last February and acquired a 50.1 percent stake in the business. The deal marked the first time a Chinese metal company had acquired a controlling stake in an Australian mining business.

Following the acquisition, SZLN is now China's largest zinc-lead producer. The company's president, Zhang Shuijian, sees the takeover as a hugely significant for SZLN and its "going global" initiative.

Zhang is very much looking to the future with his company's new acquisition. In 2010 and 2012 Perilya's existing contracts with Nystar and Korean Zinc, respectively, expire. SZLN's controlling stake in the business will then see it entitled to bid…...

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